Washington (June 17, 2002) -- The Securities and Exchange Commission will vote this week on its proposal to create a new oversight board for the accounting profession, chairman Harvey Pitt said.

In a speech for the New York Financial Writers Association, Pitt said the SEC is willing to scrap its plan if Congress adopts accounting reforms, but if no legislation gets passed this session, the SEC will ensure new oversight of accountants "before the end of this calendar year."

So far, all congressional bills to reign in the profession, while gaining initial support, have come to roadblocks, allegedly put up by accounting lobbyists.

Pitt wouldn’t elaborate on what the new oversight board would do, except to say it will ensure auditors "meet the highest legal, ethical and competence standards ever imposed on the accounting profession."

--Electronic Accountant Newswire staff

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